eFinancialCareers

Think Dubai is immune to sub-prime problems and layoffs? Think again… Outwardly, banks may be in expansion mode in the GCC, but less publicly they’re said to be quietly cutting costs at the senior end. Sources tell us that Mohamed Kamal Metwally, managing director, investment banking, at HSBC Bank Middle East, and David Ludlow, head of investment banking at Citigroup in the Middle East, have both been laid off, though this has... Read more

If you fancy a safe bet this year, move into Islamic finance – business is booming and experience of the sector isn't essential. Islamic banks in the GCC have emerged virtually unscathed from the US sub-prime crisis. It helps that collateralised debt obligations, high risk mortgages, and other unfathomably complex investment vehicles are incompatible with Sharia law. Plus business is booming. “Many of these conventional products that have been under stress... Read more

The Gulf’s fledgling derivatives market is tipped to explode, but the infancy of the industry means talent is being shipped in. Arqaam Capital, a Dubai-based investment bank established in 2004, has tipped the GCC’s derivatives market to reach around $250-300bn – or 25% of total stock market trading volumes in the region – over the next five years. Arqaam is touting itself as a pioneer of structuring derivative products for the... Read more

As international asset management firms flock to the Middle East, fund managers with local experience are becoming a prized commodity. Thames River Capital, a UK based hedge fund and traditional asset manager, is the latest firm to expand into the Middle East. It follows the likes of Pictet Asset Management, Schroder Investment Management, BNY Mellon Asset Management, Pioneer Investments and MFS International. Andrew Robbens, business development manager at Schroders in the... Read more

Poaching, fast-track promotions, lock-in bonuses and a scarcity of experienced talent – welcome to the world of oil trading. As the credit crunch tightens margins across the board and oil prices push $100 a barrel, banks are now hungrily eyeing the safe haven of commodities. Skilled oil traders have never been so valued. The Middle East, as the heart of the oil production world, is also now becoming a hot spot... Read more

A 40% increase in debt issues in the GCC last year has firms desperate for more, and DCM professionals are increasingly hot property. A record $107bn was raised through syndicated lending in the GCC last year – two thirds of it in the UAE – according to the latest Thomson IFR Briefings. And this was in spite of a cautious approach. “Widening credit spreads from July last year saw some GCC... Read more

Gulf states look set to continue their international acquisitions spree, and recruiters say demand for M&A bankers in the GCC is increasing as a result. Last year 173 corporate transactions representing $83bn petro-fuelled dollars took place – twice that of 2006 – according to mergers and acquisitions tracker Zepher. However, a further 108 cross-border deals were not disclosed. Recent high-profile capital injections into financial institutions include the Abu-Dhabi Investment Authority’s $7.5bn... Read more

As international interest in the Saudi Arabia stock market reaches new highs, demand for ECM professionals in the kingdom is on the up. In spite of the liberalisation of Saudi laws to allow foreign investments in the past couple of years, access to the Tadawul all-share index has traditionally been limited to Saudi and GCC nationals. But change is afoot, and international firms are rolling out new investment products to... Read more

They might have lots of money, but they don’t pay very well. Sovereign wealth funds (SWFs) such as Dubai International Capital (DIC) and China Investment Corporation are on the lookout for new staff. However, while SWFs are the new hot thing, working for them is liable to leave your bank account feeling rather chilly – particularly if you’re coming from private equity. The main problem appears to be a lack... Read more

After a bumper 2007 in the Middle East, is it going to be more of the same, or will some sectors lose out in 2008? 2008 will be a good year for… Sovereign wealth funds Sovereign wealth funds (SWFs) had a good year in 2007 – will 2008 be even better still? Last year, Merrill Lynch economist Alex Patelis predicted that Middle Eastern sovereign wealth funds would soon start acquiring asset management firms... Read more

As 2007 draws to a close, what was hot and what was not in the GCC? Here’s our considered opinion. 2007 was a good year for… Private equity In 2007 international private equity funds such as Advent, Carlyle and EFG-Hermes Private Equity all set up shop in the Middle East. Together with growth at local funds such as Dubai International Capital, Abraaj Capital and KAMCO, this fuelled demand for private equity professionals to... Read more

Will a tumbling dollar spur the GCC countries to come good on their promise of a single currency for 2010 and what will this mean for pay? The meeting of the Gulf Co-operation Council (GCC) this month had traders speculating on a possible de-pegging from the weak dollar, which is spurring high inflation within the GCC region. However, no clear decision was reached and the GCC meeting’s conclusion was that 2010 was... Read more

Don’t know your sukuk from your takaful? CIMA has launched a new qualification to open the door to the rapidly expanding Islamic finance industry. Islamic finance is surging, with a growth rate of 15-20% a year, and it’s now worth between £150bn and £250bn. What’s more there’s a well documented skills shortage in the area. The new Chartered Institute of Management Accountants (CIMA) qualification will cover four areas – Islamic commercial law;... Read more

Dubai is a new hot spot for private equity fund accountants, as the front office booms and admin firms set up shop in the region. With private equity giants like Dubai International Capital, Abu Dhabi Investment Authority and US firm Carlyle Group in the emirate, the administrators are going where the business is. Though big private equity administrator Ipes has yet to open an office in Dubai, Maples Finance, Mourant and now... Read more

Our survey suggests Gulf bankers are an optimistic bunch. Just when we accuse you of being a cynical bunch, financial services workers in the Gulf emerge as among the most optimistic in the world. The results of eFinancial Careers.com’s survey are in, and amid the global doom and gloom surrounding the credit markets an overwhelmingly positive sentiment has emerged from the Gulf region. The survey took in responses from 18,000 financial services workers... Read more

GCC sovereign wealth funds are said to be eyeing up whole asset management firms as a source of talent. Are they really that desperate? Apparently, yes. Mahmood El Sharkawy, asset management specialist at Pathway Resourcing, says asset managers are like “gold dust” in the GCC. “Because of localisation requirements, nationals are the most sought after. However, the sophistication of European and US markets also makes asset managers from these regions very appealing,”... Read more

The Central Bank of Bahrain (CBB) expects an influx of hedge fund managers after giving them the green light to enter the region. Increased investor risk appetite and a surge in high-net-worth individuals (HNWIs) in the country have prompted the CBB to revamp laws dating back to 1992. The new rules classify hedge funds as ‘exempt’, which makes it much easier for them to set up shop in Bahrain. Abdul Rahman Al... Read more

Dubai Inc. is making moves to wipe a sometimes misty window transparent, which is good news for corporate governance professionals. The region hasn’t exactly been known for good corporate governance in the past. Earlier this month The Times claimed that the chairman of one of Dubai’s biggest investment funds kept schtum on the value of the investments he managed, let alone their return. However, the Dubai Financial Services Authority (DFSA) claims such... Read more

Qatar may have pulled its £10.6bn acquisition of UK supermarket group J. Sainsbury, but there’s no less demand for M&A bankers in the Middle East. Qatar may have pulled its £10.6bn acquisition of UK supermarket group J. Sainsbury, but there’s no less demand for M&A bankers in the Middle East. “Certain houses are hiring aggressively and there is demand in Dubai and Abu Dhabi. Basically, people with experience in FIG and the... Read more

Insurance is booming in the Gulf, particularly in Dubai and Saudi Arabia. And without enough qualified staff to go around, poaching and salary inflation are rife. Magib Bahous, group vice-president at Saudi insurance firm Arab Commercial Enterprise, says: “We’re in a situation where everybody needs qualified staff in order take hold of new business opportunities available and there isn’t enough supply in the market. There is a war for talent and... Read more